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Know Your Fico Score
Good credit translates into lower rates
for you.
A
good credit history is more important than ever. Solid
credit keeps down the cost of consumer financing, and it
can be the deciding factor in whether an auto or home
loan application is approved.
In today’s
fast-paced, high-tech age, your credit history will be
reviewed more often by artificial intelligence than
human intelligence. Computerization has made the loan
process much more efficient. That’s a good thing. But
computers take all the subjectivity out of credit
evaluation, and that means you have to take
ownership of your own credit standing to make sure
you’re not blindsided by any stain on your record.
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It is important that
everyone know his or her credit score. Everyone is entitled to
one free credit report a year. Various companies can show you
your credit profile. Fairly frequently, erroneous information
appears on a credit report. This can take a few months to
correct, which might mean the difference between being able to
purchase your dream home or not.
Credit scores usually
range between 400 on the low side to 800 on the high side. On rare
occasions these ranges can be exceeded. Sometimes a score cannot be
obtained for factors like lack of credit history or too few lines of
credit.
If you know your score,
then you can see what the creditors see and have the ability to get
a jump-start. Here is a quick breakdown of what a score means to a
creditor:
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720 and over |
WONDERFUL! You are at the top with the best rates and
terms offered to you. |
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700-719 |
Excellent score. You are a very desirable borrower. |
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680 - 699 |
Good credit. You should be in strong shape to buy. |
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660-679 |
OK
credit. Don’t look for other exceptions. |
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640-659 |
Borderline. OK if everything else is strong. |
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620-639 |
Weak. The rest of your file must be perfect. |
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600-619 |
Difficult. Needs some work, or a special program. |
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Below 600 |
Trouble! Try to fix up your credit! |
All The Information You Need To Fix or Improve Your Credit is in Our Credit Secrets Bible
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